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Yahoo is expected soon to hire a new chief of its crucial Americas division from Internet rival AOL Inc., said a person familiar with the matter. Ned Brody, who was the top advertising-sales executive at AOL, has resigned from the post to pursue "other opportunities," AOL said on Thursday in a filing with the Securities and Exchange Commission.

Ross Levinsohn, the executive who served as Yahoo's interim chief, confirmed on Monday that he was leaving the Internet company after being passed over to fill the spot permanently.

Mr Yang founded the online company in 1995 with David Filo and was its chief executive from June 2007 until January 2009. His resignation comes two weeks after the company hired former PayPal executive Scott Thomson to be its new chief executive.

And so it begins. After Yahoo this week gave CEO Carol Bartz the axe, the stock rallied on the suspicion on the Street that the company almost certainly has now been put into play, and might not last very long with its current corporate structure.

The sudden ouster of Yahoo CEO Carol Bartz wasn't triggered by one specific factor, but rather because Ms. Bartz wasn't reaching a series of performance targets.